Sat.Mar 25, 2017 - Fri.Mar 31, 2017

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Next Wave of Fintech: Partnerships with Corporations, Not Just Banks

Bank Innovation

Acquisition costs are (arguably) the main challenge fintech companies face when trying to scale their business. Selling products directly to consumers is costly and antiquated, especially for early-stage startups. Which is why many of the newer entrants now choose to partner up with corporations, according to Schwark Satyavolu, general partner at Trinity Ventures.

Fintech 348
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Neobanks don’t need to be “real banks” to compete in banking

Chris Skinner

I wrote a piece recently about the challenges of being a challenger bank. It coincided with the news that my friends at solarisBank had just achieved a Series A funding round of €26 million. Neatly, co-founder of solarisBank Marko Wenthin spotted my post and decided to send a reply. Here is his thoughts on being a challenger bank. Neobanks don’t need to be “real banks” to compete in banking As Chris wrote in his “57 banks” post, the neobank market is overcrowded, and many won’t survive.

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US restaurants lead the charge for a cashless future

Payments Dive

Although mobile payments are convenient for both employees and customers, transitioning to a cashless operation also presents a new set of challenges.

US 279
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NACHA Takes Collaborative Approach On API Standardization

PYMNTS

The rise of APIs in banking and FinTech can unlock greater usability of innovative solutions but also presents some difficult questions for the space. As banks, FinTechs and a variety of software development firms explore the waters of payments and information exchange and collaboration, NACHA says there is a new idea to consider: API standardization. .

Groups 159
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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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Wells Fargo Replaces Cards, By Giving Customers Yet Another PIN

Bank Innovation

What if, instead of cards, consumers just had to put in a code—and then another code—to get access to their money at the ATM? Wells Fargo announced today that its customers now have full access to about 13,000 card-free ATMs, installed across the United States. Rather than inserting a card at these ATMs, Wells customers […].

Cards 313

More Trending

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What's in store for beacons in 2017?

Payments Dive

Beacon technology has not been adopted by merchants as quickly as expected, yet changes to devices and strategy will spur 4.5 million active beacons in the U.S. by 2018.

Strategy 235
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Emerging Innovation in Banking

Celent Banking

Over the past few weeks we have been previewing various content themes we will be discussing at our Insight and Innovation Day in Boston on April 4th. I would like to finish this series of posts by looking at the new Model Bank category we introduced this year – Emerging Innovation. When we added this category, we weren’t quite sure what to expect, but we certainly hoped to see the banks’ efforts at the “bleeding edge” of innovation.

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5 Fintechs to Watch: APIs, Robos, and More

Bank Innovation

Now that banks and fintechs have learned to coexist, we see new players emerge (or older ones re-emerge), most with a new focus on partnering with FIs for the better. Keeping track of emerging players is the best way to stay up to date on the current market trends, and Bank Innovation is here to help. Here […].

Fintech 291
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GulfTech is the next big thing

Chris Skinner

I’ve just returned from the United Arab Emirates (UAE) where there were a number of events. Just a few weeks ago, I was in Bahrain, talking at a conference about FinTech as usual. What struck me is the interest and excitement about FinTech in both countries. There’s also a lot of competition between different cities in the region to be a recognised Financial Centre.

Regional 205
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New York Lien Law Essentials: 5 Key Facts for Commercial Lenders

Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.

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McDonald's move to mobile ordering will be closely watched

Payments Dive

McDonald’s and its recently unveiled plans to implement mobile ordering and curbside pickup is proof that even the mightiest brands now know mobile ordering is the order of the future. But, chains must lay the groundwork for this major transition by preparing a foundation that helps them clear the potential hurdles and move on to future success.

Mobile 223
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Bitcoin Tracker: Another Tough Week

PYMNTS

This past week proved once again that it’s tough to be a bitcoin fan. In another blow to bitcoin legitimacy, the U.S. Securities and Exchange Commission (SEC) has denied the second bitcoin-based ETF bid up for consideration in the month of March — the Intercontinental Exchange, Inc.’s NYSE Arca exchange’s request to list and trade the SolidX Bitcoin Trust.

Bitcoin 141
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Viewpost Expands SME Network With Visa Partnership

Bank Innovation

Check payments have survived another year. Maybe introducing “virtual cards” to small businesses will help change that. B2B invoicing and payments company Viewpost has partnered with Visa to enable digital payments for small and medium businesses. Viewpost will process the payments, now using Visa’s rails for electronic bill payments, as opposed to costly and slow checks.

Cards 269
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As stores die, startups prosper

Chris Skinner

We talk a lot about bank branch closures and, to be sure, there are a lot bank branch closures. The UK has seen 1 in 10 bank branches disappear over the last two years whilst the USA is seeing a similar trend, albeit at a slower pace. That may be scary for some as we see bank branches disappearing off the high street to be replaced by our mobile apps, but it’s a clear trend that is unstoppable.

Trends 205
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The State of Automation in Financial Services 2024 Report

In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202

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Everything you want to know about how AI is transforming banking but were too afraid to ask

Bobsguide

The rise of artificial intelligence (AI) is set to change the way banks and financial services operate, as well as the way consumers approach their personal banking. Powerful AI can replace humans with machines, improve customer experience and provide simplified cost-effective solutions for.

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Amazon Go Public Opening Delayed

PYMNTS

Amazon has run up against a roadblock in its play to revolutionize brick-and-mortar grocery shopping. The online retail giant has reportedly delayed the public opening of Amazon Go due to technical difficulties with its “Just Walk Out” system. During employee beta testing that began in December of last year, Amazon’s system for monitoring and tracking customer item selection reportedly ran into trouble keeping tabs on items once they had been moved from their shelf when more than 20 people were

Seattle 141
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Banks Need to Get Real with Fintech Startups

Bank Innovation

It’s clear that fintech startups are not going away — there are more of them all the time. (And here are five more.) What’s not clear is how they are getting along with banks. The number of publicly announced substantial partnerships is vanishingly small. Startups are getting fed up with banks’ hurdles and long sales cycles, […].

Fintech 261
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How to make your startup a success

Chris Skinner

You have an idea. Let’s say that it’s to make nice wooden caricatures of famous politicians. Something that historically would have been a niche trade for the odd craft fare. It still is, but when you go to a craft fare, the usual practice is cash only. Not any more. Just in a few short years, we’ve seen most stall holders move from only dealing in cash to being able to take debit, credit, EMV and magnetic card payments thanks to PayPal, Square, iZettle and more.

How To 195
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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.

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InsurTech Industry Has Grown by 25% (As One of the Hottest FinTech Verticals)

Let's Talk Payments

InsurTech is a relatively new industry. However, it’s developing quite fast and becoming one of the most booming verticals in the FinTech space. First of all, don’t pay too much.

Industry 111
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Another Day, Another zPay

PYMNTS

Any parent of small children who has recently eaten at Olive Garden or Chili’s would probably fully support nominating Viren Balar for the Nobel Peace Prize. Even though they might not know his name. Balar is one of the co-founders and the chief technical officer of Ziosk — the tableside tablet that allows diners to place and augment orders, play games, read news and, at the end, settle up the check and be on their way.

Cards 131
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Want Mobile Banking Users? Eliminate the Login

Bank Innovation

Users will access their mobile and online banking accounts more frequently, even twice as often, if they don’t actually have to complete the login process. According to the most recent Monkey Insights report, released today by Malauzai Software, “quick balance” end users—meaning those utilizing a mode which allows them to see their balances without having […].

Mobile 238
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GulfTech is a challenge due to diversity

Chris Skinner

I took part in a webinar the other day, focused upon the developments in digital banking in the Middle East. Having visited Abu Dhabi, Bahrain, Dubai and Qatar recently, I can claim to know a little. Equally, having been to the region regularly since 2002, I’ve seen how it is developing and changing. This is illustrated well by these two charts, which illustrate the demographics of the GCC (Gulf Cooperation Council, like the EU for the Middle East) countries in 2016: Source: EY World Islamic

Regional 188
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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Financial Innovation for the Forgotten Demographics

Let's Talk Payments

At the eighth Annual State of Entrepreneurship Address, the Kauffman Foundation launched the “Zero Barriers to Startup” initiative and urged entrepreneurs and policymakers to help break down barriers to new.

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What WikiLeaks Disclosures Really Say About US Cybersecurity Vulnerabilities

PYMNTS

The revelations from WikiLeaks about the U.S. government’s hacking tools are reported to have sent Cisco reeling earlier this month, Reuters reported. WikiLeaks documents revealed that the CIA uses a myriad of devices and products, including televisions, smartphones and anti-virus software, to take surveillance on owners, including devices from tech company Cisco.

US 128
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Yodlee Demoes Hybrid, Chat-Based Advisor [Video]

Bank Innovation

The real disruption in financial services won’t be about software or data itself; it will be about data analytics and intelligence. That’s the upshot from Anil Arora, CEO of Envestnet Yodlee. “It’s about what you are doing with your data, not what kind of data or software you have,” he said at the DataDisrupt conference […].

Video 237
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Things worth reading: 29th March 2017

Chris Skinner

Things we’re reading today include … Mobile banking is saving us ‘billions’ in charges UK banks asked to draw up plans to show they are prepared for Brexit The high cost of our vanishing bank branches Square shapes up for growth push in Europe Brexit Britain New York’s Fearless Girl statue to stay on till March 2018 Wells Fargo to pay $110 million to settle lawsuit over account abuses Chill winds blow across Asia private banking.

New York 181
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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper